Helio Castroneves' second full-time stint in the IndyCar Series will end after the 2023 season, but his work with Meyer Shank Racing will continue, he and the team announced Friday morning at Indianapolis Motor Speedway.

After this season, his second full-time season with MSR, the 48-year-old Brazilian will hand the reins of one team's Hondas to Tom Blomqvist, his sometime-teammate on MSR's IMSA sportscar side. Blomqvist has signed a multi-year deal with the team starting in 2024.

Castroneves, whose 2021 Indianapolis 500 win breathed new life into his IndyCar career, will drive a third MSR car on the IMS oval next year as he tries to become the first five-time winner of the Greatest Spectacle in Racing.

Shank told IndyStar in 2022 he'd continue having a car available for him until Castroneves didn't want to race any longer. Castroneves has driven 22 full-time IndyCar seasons, and 26 overall.

In addition, both sides announced that Castroneves will join the team's ownership group as a minority partner, giving him an attachment to the team and the series well after he decides to strap on his helmet for the final time.

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“We are thrilled to bring Tom (Blomqvist) over to our IndyCar program full-time starting next year, and to be able to keep Helio as a key part of our program moving forward and go for a fifth Indianapolis 500 victory next year,” team owner Mike Shank said in a release. “I feel like all the planets aligned for us to be able to do this, so I’m really grateful for us to be making this next step as a team.

"Helio brings so much to what we do overall as a team, both in terms of our competition package and all of his experience, as well as how he’s able to engage with our partners. So having him transition to this role is really exciting for everyone involved.”

Blomqvist, who made his IndyCar debut last month in Toronto, will partner with a driver yet-to-be-determined, as team owner Shank mulls his options. Castroneves and teammate Simon Pagenaud entered the 2023 season in contract years and have struggled mightily after an up-and-down 2022 season. They drove together at Team Penske for three years.

In 2022, thy combined for 10 top-10 finishes -- highlighted by Pagenaud's runner-up finish on the IMS road course and the pair's top-10 finishes in the 500. They also finished in the top-10 at Mid-Ohio and entered the offseason cautiously optimistic.

Things have gone the opposite direction. After finishes of 15th (Pagnenaud) and 18th (Castroneves) in the full-season championship, Pagenaud had actually fallen outside the top-20 in points before a violent crash in practice at Mid-Ohio last month delivered the Frenchman a concussion, the symptoms of which he's yet to be able to shake. After being mildly surprised he wasn't cleared by IndyCar's medical team for that July 2 race in Ohio, Pagenaud has now missed six races, including this weekend on the IMS road course.

Fill-in drivers include Conor Daly (Mid-Ohio, Iowa doubleheader), Blomqvist (Toronto) and Linus Lundqvist (Nashville, IMS road course), and it remains unclear whether Pagenaud will be able to return before season's end, or whether MSR will renew its deal with the 39-year-old.

In Blomqvist, MSR gets one of the two drivers that helped lift the team to its 2022 IMSA full-season championship, which included a victory in the Rolex 24, as well as the season-ending Petit Le Mans. Blomqvist, Castroneves, Pagenaud and Colin Braun also won this year's Rolex 24. Earlier in his career, Blomqvist cut his teeth on Europe's open-wheel circuits of Formula Renault and Formula 3 before a handful of career shifts between DTM, Formula E and WEC.

“It’s been a good ride the last two years in IMSA, but I’ve been itching to make the step up to IndyCar, and this is an opportunity I’m eager and motivated to make the most of," Blomqvist said in the release. "IndyCar is an incredibly competitive series, and I’m under no illusions in how difficult this championship can be, but I am extremely motivated to make the most of this exciting new challenge.”

With the addition of Castroenves, MSR's ownership group now includes Mike Shank, Jim Meyer, Liberty Media and the four-time 500 winner.

“Throughout my career, I’ve been very fortunate to surround myself with an amazing group of people and this journey will be my next chapter and I can’t wait for that," Castroneves said in the release. "Don’t get me wrong, I still have a lot of fuel to burn inside in terms of driving and I will do that at the Indy 500 as I continue my pursuit of the Drive for Five.”

This article originally appeared on Indianapolis Star: Helio Castroneves will end full-season IndyCar career, continues bid for 5th 500 win